Aon Risk Solutions has been appointed by EnviroMission as the exclusive provider of insurance placement and risk consulting services for the construction and operation of EnviroMission’s first Solar Tower power station, to be built in Arizona in the US. The renewable energy technology specialist has an agreement to sell solar-powered electricity from the 200MW facility [...]
Arthur J. Gallagher has acquired a majority interest in Insurance Dialogue, which trades under the Insure4Retirement (I4R) brand. I4R is a niche retail broker specialising in personal lines insurance for the over 50’s market and its largely outbound call centre, based in Bournemouth, generates approximately £11.7 million a year in revenues. The firm has 163 [...]
Aviva has announced that Andrew Moss is stepping down and has ceased to be chief executive officer with immediate effect. Last week, Mr Moss declined a pay increase for 2012, Aviva’s board having heeded a number of concerns raised by shareholders regarding its latest remuneration report. The group’s chairman designate, John McFarlane, has been named [...]
Allianz has been reconfirmed as a member company of the FTSE4Good Index. The insurer has been a member of the sustainability index for more than a decade and this year has been especially recognized in the areas of “countering bribery” and “environmental management”. The Index evaluates companies in five areas as follows: working towards environmental [...]
Willis Re has been examining the challenges and opportunities offered to mutual insurers through diversification. In a new report, the broker explains that regulations introduced in association with Solvency II have encouraged some mutual insurers to consider exploring new lines of business that have the potential to relieve regulatory capital requirements. In addition, a greater [...]
RSA achieved a 5% year-on-year rise in gross written premiums in the first quarter of 2012, to £2.2 billion. Growth was driven by a 4% rate and a 1% volume increase and was led by emerging markets, with Latin America turning in an “excellent” performance. In addition, performances seen in personal lines in Canada and [...]
Aviva’s first ever Savings Engagement in Employment Index has exposed low levels of engagement in the run-up to automatic enrolment. According to the insurer’s research, 68% of employees questioned have little or no knowledge of automatic enrolment and only 43% of those currently without a pension said they would remain in a scheme once they [...]
Aegon’s group marketing director, Paul McMahon, is to join FNZ as chief executive officer, UK business. FNZ is a leading provider of transaction and custody services for the UK platform sector and earlier in his career, Mr McMahon was responsible for getting AXA into the platform sector with the AXA Elevate platform. Commenting on his [...]
The airline and aviation manufacturing insurance sectors turned in a profit in 2011, following one of the safest years in recent times in terms of aircraft losses and passenger fatalities, Willis Aerospace reports. In its latest aviation market review, the broker estimates total airline insurance premium in 2011 at $1.9 billion, against claims of $1.1 [...]
LV= has appointed Chris Rolland as claims director with responsibility for overseeing all aspects of claims across the mutual’s general insurance business. Mr Rolland, who was previously chief executive officer and vice president of American Express Insurance Services Europe, will report into LV= chief operating officer, Peter Horton. Prior to joining American Express, he held [...]
Following the publication of its remuneration report last month, Aviva has heeded a number of concerns raised by shareholders and is taking a look at whether overall levels of remuneration appropriately reflect changes in shareholder value over the past year. In particular, the insurer’s remuneration committee has agreed to review how the company will compensate [...]
Aon is proposing that UK defined benefit (DB) pension schemes could release up to £200 billion currently invested in gilts, for buy-in purposes. According to the insurer, conditions in the bulk annuity market mean the switch of funds could secure a better match for pensioner liabilities, reduce risk and insure against rising life expectancy. Paul [...]
Aviva’s income protection (IP) cover provided payments totalling over £29.5 million in 2011, with psychiatric conditions topping the list of claims by volume. More than one in four IP claims (28%) involved psychiatric conditions – moderate depression was the most common (28%), followed by anxiety (15%) and stress (12%). Orthopaedic conditions took second place (21%) [...]
Willis is forecasting another difficult and uncertain year for the maritime industry, bearing in mind Costa Concordia, further problems in the eurozone, pirate attacks and increased sanctions. According to the broker’s latest Marine Market Review, the Hull market is in a state of flux following the Costa Concordia disaster, and some underwriters in the London [...]
One in four homeowners believe that trustworthy neighbours are the key to feeling secure at home, according to the latest consumer survey from the Association of British Insurers (ABI). However, the research also suggest that many are putting themselves at risk needlessly, with nearly three in ten respondents admitting to leaving doors unlocked and windows [...]
Ofcom has today fined HomeServe £750,000 for making an excessive number of silent and abandoned sales calls. The watchdog opened an investigation into the home emergency insurer last year only to discover that the firm exceeded its abandoned call rate on 42 separate occasions between 1st February and 21st March 2011, resulting in around 14,756 [...]
Insurance fraud rates reached 11 in every 10,000 applications and claims in 2011, according to Experian, with the proportion up 23% on 2010. Figures from the credit rating firm show 89% of insurance fraud as first-party led with young, poorly-educated individuals living in small towns; middle-aged, middle and skilled working class individuals; and young, well-educated [...]
Britons face an income gap of £411 per month between their current net income and what they believe would allow for a comfortable life, according to new research from Aviva. The insurer’s latest “Times of our Lives” report puts the perceived shortfall at £7,236 per year gross, although the 25 to 34 age group felt [...]
